Will the United States become a paradise for cryptocurrencies?

Since China has completely banned mining, the United States has replaced China in this field as the gathering place for the mining industry, and many cryptocurrency exchanges have banned/cleared Chinese users. This is since 2009, after a long period of barbaric growth of cryptocurrency, its trading services finally came to an end in China. At the same time, the United States seems to intend to use cryptocurrency trading as another area of ​​innovative finance. The attitude of the recent supervision, the United States may become a new paradise for the development of cryptocurrency.

U.S. market acceptance: high

On January 4, 2021, the U.S. OCC approved the use of blockchain technology and stablecoin technology by Bank of America.

On July 5, 2021, the law of Wyoming in the United States recognizes that a limited liability company can be transformed into a DAO.

According to the Footprint Morning Post, on October 13, 2021, the hash rate of Bitcoin in the United States exceeded 35% of the entire network, ranking first in the world.

In 2020, the U.S. is far ahead of the world in terms of Bitcoin transaction volume on online exchanges. According to data from Statista: Use of and interest in cryptocurrency among consumers in the United States in 2019 and 2021 , as of January 30, 2021, 34% of Americans expressed interest in cryptocurrency . The acceptance of cryptocurrency by the U.S. authorities and the public has always been quite high.

Will the United States become a paradise for cryptocurrencies?

U.S. consumers’ use and interest in cryptocurrency  

数据来源:Statista:Use of and interest in cryptocurrency among consumers in the United States in 2019 and 2021

U.S. cryptocurrency market supervision: strict

The U.S. government has always imposed strict regulations on cryptocurrencies and has high requirements for KYC. From the federal to the local states, from the OCC, IRS to the SEC, CFTC and then to the TATF, supervision is carried out from multiple perspectives of legislation, justice, and administration.

But it is precisely because of the strict supervision of the cryptocurrency market that the development of the cryptocurrency market in the United States can be regulated. In the long run, such regulatory rules are conducive to the development of cryptocurrency .

U.S. cryptocurrency futures market: gradually opening up

On October 15, 2021, the US SEC approved ProShares’ Bitcoin futures application. Cryptocurrency futures finally integrate with traditional finance, ending the eight-year journey.

According to the Footprint Analytics Price of BTC data of the day, Bitcoin broke through the $60,000 mark, becoming the highest price since 417.

According to public information, there are still 44 ETFs waiting for the approval of the US SEC for listing. Although the US SEC is successively approving the listing of Bitcoin futures ETFs, it refuses to approve leveraged Bitcoin futures ETFs. In fact, the opacity of Bitcoin prices and trading mechanisms means that Bitcoin futures ETFs are at risk of being operated. The impact of leveraged ETFs on investors/consumers is currently unpredictable. I believe that with the development of cryptocurrencies In the future, leveraged bitcoin futures ETFs will also be approved for listing. At that time, the market for bitcoin leveraged futures ETFs will gradually open, or will lead the development of the cryptocurrency market to a higher level.

Will the United States become a paradise for cryptocurrencies?

Bitcoin price (August 2021 to present) Data source: Footprint Analytics

Furthermore, the United States has a very strong lobbying culture, and it is for lobbying to state its views to decision-making bodies. If the lobbying is successful, the decision made may benefit oneself.

In 2020, Ripple Labs lobbied to change the legislation dealing with cryptocurrencies under the Securities Law.

In 2021, Coinbase will become the main force of lobbying in the cryptocurrency field. The cryptocurrency industry has gradually increased its lobbying efforts.

There is reason to believe that the probability of adoption of the crypto industry’s lobbying claims may be further increased, thereby affecting decision-making to move closer to the direction that is beneficial to the development of the cryptocurrency industry.

Summarize

In the future, the US regulatory policy may further promote the development of cryptocurrency in the United States, and is expected to become a new cryptocurrency paradise. It is worth mentioning that the UAE (Dubai) and Australia have also shown an attitude of embracing cryptocurrency and Bitcoin futures ETFs, or they may become fertile land for the development of new cryptocurrencies. Let us continue to pay attention.

Disclaimer: The content of this article only represents the views of Footprint, for reference and information only, and does not constitute any investment advice.

The data used in this article comes from Footprint Analytics, which provides cross-chain, cross-platform analysis data and multi-angle analysis Dashboard. If you are interested, you can click on the relevant links to explore.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/will-the-united-states-become-a-paradise-for-cryptocurrencies/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-11-06 11:57
Next 2021-11-06 12:15

Related articles